Has ING cut interest rates?

ING is one of Australia’s most popular lenders, outside of the big four banks. ING is also a popular bank with savers and the ING Savings Maximiser account has, for many years, been one of Australia’s market leading at-call savings accounts. ING is basically an online lender without a large branch network.

Has ING cut home loan rates?

ING has cut home loan rates significantly in the last three months.

In June, ING cut variable home loan rates by 0.25 percentage points. In July, ING cut variable rates by a further 0.15 percentage points and in October, ING has announced a cut of 0.14 percentage points on owner occupier, principal and interest home loans. Since June, ING has slashed variable home loan rates for owner occupiers (P&I) by a total of 0.54 percentage points.

The Orange Advantage (P&I) variable rate home loan (LVR 80%) has current advertised rates starting at 3.19 per cent pa (comparison rate 3.52 per cent pa).

The Mortgage Simplifier home loan now has variable rates for owner occupiers paying principal and interest starting from 3.14 per cent pa (comparison rate 3.17 per cent pa).

For property investors, ING’s Orange Advantage variable home loan rates now start at 3.64 per cent pa (comparison rate 3.96 per cent pa).  Mortgage Simplifier rates for investors start at 3.59 per cent pa (comparison rate 3.62 per cent pa).

ING cuts fixed home loan rates

ING has announced cuts to fixed rate home loans effective from today (9 October 2019).

ING has a two-year fixed rate for owner occupiers of 2.99 per cent pa (comparison rate 4.25 per cent pa). Borrowers can reduce that rate even further with an Orange Advantage package taking the rate down to 2.89 per cent pa (comparison rate 4.23 per cent pa).

For property investors, ING has cut their 2 and 3 year fixed rates by 0.15 percentage points this week. ING now has 2-year fixed rates for investors (P&I) at 3.34 per cent pa (comparison rate 4.86 per cent pa).

ING Savings Maximiser rate falls below 2%

ING’s most popular at-call savings account, the Savings Maximiser and ING’s transaction account, the Orange Everyday account, have long been popular with savers. The combination of the two accounts gives consumers a good bonus rate and a transaction account without account keeping fees, transaction fees or ATM fees (terms and conditions apply).

The Savings Maximiser rate has been cut to 0.25 per cent pa (down from 0.50 per cent pa in September) plus a bonus rate of 1.70 per cent to make a maximum rate of 1.95 per cent pa. 

ING’s other at-call savings account, the Savings Accelerator, now offers a maximum rate of 1.50 per cent pa (down from 1.75 per cent pa in September).

ING cuts term deposit rates

ING’s top term deposit rates are now 1.70 per cent pa available on 6-month and 9-month terms. ING’s Business and SMSF term deposit products have the same rates as ING’s personal term deposits.

ING still popular as a travel card

The ING Visa debit card with an Orange Everyday transaction account is a popular choice for Australian travellers because it offers free overseas ATM withdrawals and no foreign transaction fees. To get this deal you have to deposit $1,000 per month into the account and make five or more card purchases per month.

ING also refunds any ATM fees that the ATM charges you when overseas, and in Australia.

Compare everyday transaction accounts at InfoChoice.

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.

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